of substitution between capital and labor is greater than one. However, the vast majority of micro-level estimates shows … that capital and labor are complements (elasticity less than one). Using firm- and establishment-level data from Korea, we … divide capital into equipment and software, as they may interact with labor in different ways. Our estimation shows that …

This paper intends to present a novel perspective on the capital debates. Thomas Piketty, on his book, asserts that the … capital debates were virtually meaningless and the neoclassical side won the debates, and this brought several discussions on …

KLEMS database. I distinguish between three types of capital: information and communication technologies (ICT), intellectual … property (IP) capital, and traditional capital. I assume that the aggregate output is produced using labor and these three … types of capital and allow for differences in the elasticities of substitution between labor, an aggregate of ICT and IP …

KLEMS database. I distinguish between three types of capital: information and communication technologies (ICT), intellectual … property (IP) capital, and traditional capital. I assume that the aggregate output is produced using labor and these three … types of capital and allow for differences in the elasticities of substitution between labor, an aggregate of ICT and IP …

Capital estimates are widely used in economic growth and productivity studies, for profitability considerations and … wealth accounting exercises. Yet the calculation of "capital" frequently receives only cursory attention, despite the …) calculates long-run provincial (and national) physical capital series for China, (ii) distinguishes between capital services and …

This paper shows that capital-skill complementarity provides a quantitatively significant rationale to tax capital for … redistributive governments. The optimal capital income tax rate is 60%, which is significantly higher than the optimal rate of 48% in … an identically calibrated model without capital-skill complementarity. The skill premium falls from 1.9 to 1.67 along the …

We revisit the capital-skill complementarity hypothesis and examine whether and under what conditions this mechanism … Violante (2000) show that a model with capital-skill complementarity mechanism matches the data well and can account for the … modify the model to allow for a flexible technology structure and show that the degree of capital-skill complementarity is …